Best of Business

I think we can ask the question of how much is enough, given the numbers we have given you of late. Government expenditure is up 596 percent and income i.e tax take, is up 334 percent. As a result of that, the debt is up 482 percent. If all of that isn't enough, what is? The economy this week gets its Q1 read on GDP. In other words, what we did in January, February and March. The importance of it,...

The Government is being accused of slacking off with disruptive Kāinga Ora tenants. Newstalk ZB can reveal three people have been evicted for bad behaviour in the past 18 months - another 200 have been relocated. This is despite 10,000 complaints since the housing agency rolled out tougher termination measures. Solomon Group Housing manager Bernie Smith told Kate Hawkesby it's totally unacceptable...

Beef and Lamb is pleased with National's election emissions policy. National would start measuring farm emissions by 2025, and make farmers pay for them by 2030, five years later than the current plan to have them paying by 2025. National hasn't revealed how it will decide pricing, but says it will decide in the first year if elected. Beef and Lamb Chair Kate Acland says the delay is positive beca...

Kiwi chef Josh Emett is cooking up a storm for none other than Goop - Gwyneth Paltrow's powerhouse brand. The Goop team reached out after Paltrow reposted Josh's hasselback potatoes on social media in March. He's now whipped up three recipes for their massive online audience. Josh Emmet joined Kate Hawkesby. LISTEN ABOVE   See omnystudio.com/listener for privacy information.

Qantas chief executive Alan Joyce says demand for travel is still running high but more airline capacity should push down air fares. Joyce, in Auckland for the launch of Qantas’ non-stop Auckland flight to New York, told Newstalk ZB’s Mike Hosking that his airline had bounced back from Covid and was now making record profits. ‘‘We’re seeing a massive pent-up demand. Our research in Australia says...

National's plan to delay emissions pricing is being applauded in some quarters as a step in the right direction. Under the party's policy, the date farmers would need to start paying for emissions, would be pushed back from 2025 to 2030. From 2025, farmers would be able to claim credits for trees planted on farms. Dairy New Zealand Chair Jim van der Poel told Mike Hosking it's definitely better th...

An end seems to be in sight to the Ruapehu Alpine Lifts saga. The skifield is in voluntary administration with the Government backing two bidders to take the reins. It's understood it would be split into two skifields; one business running each. Creditors vote next week on whether to liquidate the company, and sell assets to bidders. Mayor Weston Kirton told Mike Hosking there's more to be done, b...

Prime Minister Chris Hipkins is set to go to China at the end of the month. This trip will be the first Prime Minister-led delegation there since 2019, and Hipkins is expected to visit Beijing, Shanghai and Guangzhou. NZME business commentator Fran O'Sullivan says it's likely Chris Hipkins will meet President Xi Jinping and several key ministers. "The details will probably come out next week. Norm...

Retail card spending fell $113 million last month, compared to April - across all industries. Stats NZ data shows the largest contributor to the 1.7 percent drop was fuel, down $25 million, followed by apparel, which fell $13 million. Westpac senior economist Satish Ranchhod says it's a weaker result than expected. "We thought those increases in migration, as well as those increases in prices, wou...

FaceTime on your TV   Instead of gathering around a phone, or a laptop to connect with family or friends, why not gather around the biggest screen in your house - the TV. The new feature allows you to use your iPhone as a camera, connected to your Apple TV. Plus, it'll have the 'centre stage' capability so if you move around it will automatically reframe you. Would have been amazing for the pandem...

It may be too early to read too much into the Government's higher than expected deficit. Latest Treasury figures show the Government has recorded a $7 billion deficit for the ten months to April. While that's $2.4 billion lower than the deficit from the same period a year ago, it's $1.3 billion dollars higher than Budget forecasts. New Zealand Initiative Chief Economist Eric Crampton told Mike Hos...

Auckland councillors will be back around the table at 10am this morning after being unable to agree on the council's budget. Mayor Wayne Brown proposed a compromise mid-way through yesterday's meeting, suggesting selling about half the council's holding in Auckland Airport, higher rates rises and more cuts to Council Controlled Organisations and local boards. Heart of the City chief executive Viv...

Auckland Airport's clapped back at airlines after their claims that increased landing fees could make travel less affordable. Qantas and Air New Zealand have teamed up to publicly oppose the airport's latest plans to double landing fees over the next four years. They say prices are being hiked to fund a largely unnecessary redevelopment. But Chief Executive Carrie Hurihanganui told Mike Hosking ch...

Infrastructure investment company Infratil will pay $1.8 billion to take full control of One NZ. This purchase will double Infratil’s stake in One NZ and easily make it Infratil's largest asset in their portfolio. Fisher Funds senior portfolio manager Sam Dickie says this is a clear vote of confidence from Infratil, who stand to benefit from working with One NZ. LISTEN ABOVE   See omnystudio.com/l...

New Zealand's GDP figures will be out next week- but what will that mean for the economy? Economists are currently predicting a marginal increase in New Zealand's GDP, and economic activity is on the rise. NZ Herald business editor Liam Dann says a minimal increase or decrease won't affect most people's experience of the economy, and it's too marginal to worry about. LISTEN ABOVE   See omnystudio....

Air New Zealand and Qantas have come out swinging against Auckland Airport's planned redevelopment- calling for an urgent rethink. The pair released a joint statement saying it will lift airport charges and travel costs to an unaffordable level for a number of customers. Air New Zealand CEO Greg Foran says it's important for the final product to be affordable, and having a plan doesn't guarantee a...

If you want a sense of how the UK economy is fearing, and how to get into business, then James Caan is your man. The British-Pakistani entrepreneur went from no degree to starting a recruitment company to becoming one of the most respected and successful entrepreneurs in the UK and a government advisor. He was a former dragon on Dragons' Den and his latest recruitment company, Recruitment Entrepre...

Ōtautahi Christchurch   is making progress in its earthquake and pandemic recovery. Thanks to five major summer sporting events, the local economy has received an injection of close to $3 million. ChristchurchNZ's General Manager of Destination and Attraction Loren Heaphy told Mike Hosking the city has matured from its post-quake status and is picking up momentum. She says they are focused on buil...

Out of the $30 million provided to the Hawke's Bay Chamber of Commerce to help businesses stay open after the cyclone, about $8.8 million of it has been left unspent and is set to be returned to the Ministry of Business, Innovation and Employment. There were 1491 grants accepted and paid out, but only about 130 businesses received the full amount of $40,000. Last time Greg Miller joined the Mike H...

Auckland councillors will decide today whether to sell the council's shares in Auckland Airport. Newstalk ZB's Michael Sergel told Kate Hawkesby Mayor Wayne Brown will be seeing the numbers to sell the council's entire 18-percent stake in the airport. It's still unclear if two councillors, Chris Darby and Julie Fairey, who happens to be married to Michael Wood will be voting, after they had to cor...

A group of businesses and organisations wants the Government to step in to stop postage price rises. From next month, New Zealand Post is hiking prices for bulk mail customers by 30 percent, a total increase of 100 percent in the last five years. Thirteen groups signed a letter to the Government including Grey Power, the Magazine Publishers Association and the Rural Advocacy Network. Spokesperson...

For the first time in 25 years, Arnott's will again manufacture products in New Zealand. The company is opening its new facility in Avondale, West Auckland today. It comes after it acquired the 180 Degrees cracker brand two years ago. Arnott's New Zealand Country Director Mike Cullerne told Kate Hawkesby it'll allow them to make more locally made products. He says they've partnered with Barkers of...

National's Chris Luxon unveiled the Party's infrastructure policy that would come into effect if elected. National launched a national infrastructure agency to engage domestic and offshore investors and set out a 30-year infrastructure plan across all sectors. Infometrics Principal Economist Brad Olsen says it's important to see the focus both parties placed on infrastructure, as it pays back inve...

Technology company Nvidia's shares have been on a strong run this year and recently surged another 24 percent. This takes the year to date increase in share price to almost 160 percent.  Milford Asset Management analyst Deborah Lambie explained that unlike Apple, Microsoft and Alphabet, Nvidia doesn’t sell consumer products or services, but specialized chips for training AI "Nvidia benefits from t...

Inland Revenue have changed their guidance on avoiding 'over-taxing', amid criticism about promoting tax avoidance. The tax department published a fact sheet explaining the Government’s plan to increase the trustee tax rate from 33 to 39 percent to align with the top income tax rates.  NZ Herald Wellington business editor Jenee Tibshraeny says the IRD publishing these changes is an admission that...